年9月考前冲刺阶段完讲义fr习题直播

FRDAY4题提Providedby PrepareascheduleofadjustmentsrequiredtotheretainedearningsofLoudonCoasat30September20x8asaresultofinformationinnote1to4PreparethestatementoffinancialpositionofLoudonCoasat30SeptemberEEquitysharesof$1ERetainedearningsasat30September20x8AOfficebuildingatAFactoriescost1October20x7(noteEEquitysharesof$1ERetainedearningsasat30September20x8AOfficebuildingatAFactoriescost1October20x7(noteAOfficebuildingaccumulateddepreciation1OctoberAFactoriesaccumulateddepreciation1OctoberEnvironmentalprovision1October20x7(noteCurrentCurrentProceedsof5%loannote(noteDeferredInterestpaid(noteSuspenseaccount(note74741.LoanA5%loannotewasissuedon1October20x7atitsfacevalueof$5m.Directcostoftheissueamountsto$0.125mandwerechargedtoprofitorloss.Theloanwillberedeemedinfiveyearstimeatasubstantialpremiumwhichgivesaneffectiveinterestrateof8%.Theannualrepaymentof$250,000($5mat5%)arepaidon30Septembereachyear.WorkingWorking1:Loannote——AmortisedLoannateatInterestexpenseInterestLoannoteyear1shouldDr Cr5%Loan Dr5%Loan Cr Cr5%Loan Dr5%LoannoteCr Dr Cr DrInterestpaid250CrCash Dr5%Loannote CrExpense 125+Dr5%loannote250CrInterestpaid2.2.Non-currentLoudonCoacquiredanofficebuildingfor$20mon1October20X2withestimatedusefullifeof25years.Depreciationischargeonapro-ratabasis.On1April20X8,thebuildingwasdeemedtobeimpairedasitsfairvaluewasestimatedtobe$12m.Atthatdatetheestimatedremianinglifewasrevisedto12years.Ignorethedeferredtaxconsequencesofthisrevaluation.LoudonCohadtenfactories,On1October20X7,LoudonCosoldoneofitsfactorieswithacarryingamount$3m(cost$5mandaccumulateddepreciation$2m)for$3.5m.Theproceedswerecreditedtothesuspenseaccount.Nodepreciationhasyetbeenchargedonanynon-currentassetfortheyearended30September20X8.Thefactoriesaredepreciatedat15%perannumusingthereducingbalancemethod.WorkingWorking2:OfficeOfficebuilding@1/10/20x720,000-Depreciationexpense20000/25yrs*OfficebuildingDownwardFairvalueDepreciationexpense12000/12yrsOfficebuildingDrDepreciation900CrOfficeDrImpairmentCrOfficeLoudonCohadtenfactories,On1October20X7,LoudonCosoldoneofitsfactorieswithacarryingamount$3m(cost$5mandaccumulateddepreciation$2m)for$3.5m.Theproceedswerecreditedtothesuspenseaccount.Nodepreciationhasyetbeenchargedonanynon-currentassetfortheyearended30September20X8.Thefactoriesaredepreciatedat15%perannumusingthereducingbalancemethod.WorkingWorking3:DisposalofDrDrCrCrGainonDrDrCrSuspenseDrSuspense Cr CrGainon500Otherfactories@cost40,000-Accumulated11,100-OtherfactoriesDrDepreciation3885Depreciationexpense CrOtherfactoriesLoudonCohasanobligationtocleanupenvironmentaldamagecausedatoneofitsfactorysitesduring20x7.Theclean-upisduetotakeceattheendofthefactory’susefullife.Theliabilityhasbeenaccountedforappropriayandthebalanceat1October20x7representsthecorrectpresentvalueatthatdate.LoudonCohasacostofcapitalofDrDrInterestexpenseCrEnvironmental614.DeferredAt30September20x8,thetaxwrittendownvalueoftheproperty,ntandequipmentwas$25m.TheetaxrateapplicabletoLoudonCois20%.Working5:e Closing-Opening∆Deferredtax-Deferredtaxliability=(Carryingvalue-Taxbase)*Tax=(11500=DrDretaxexpenseDeferredtax203 PrepareascheduleofadjustmentsrequiredtotheretainedearningsofLoudonCoasat30September20x8asaresultofinformationinnote1to4Retainedearningspertrialissuecostsofloaninterestexpenseof5%loannotedepreciationofofficebuildingimpairmentlossofofficebuildinggainondisposaloffactoriesdepreciationoffactoriesinterestexpenseonenvironmentalprovisionetaxexpenseStatementoffinancialNon-currentOfficebuildingCurrentEquitysharesof$1Retainedearnings(requirementinNon-current5%loannoteDeferredtaxCurrentCalculatedthegoodwillarisingontheacquisitionofSliverPreparetheconsolidatedstatementofprofitorlossforGoldCofortheyearended30September On1January20x2,GoldCoacquired90%ofthe16m$1equitysharescapitalofSliverCo.GoldCoissuedthreenewsharesinexchangeforeveryfivesharesitacquiredinSliverCo.Additionally,GoldCowillpayfurtherconsiderationon31December20x2of$2.42pershareacquired.GoldCo’scostofcapitalis10%perannumandthediscountfactorat10%foroneyearis0.9091.Atthedateofacquisition,sharesinGoldCoandSliverCohadfairvaluesof$8.00and$3.50WorkingWorking1:DeferredDrDrInterestCrDeferred2376—GoldStatementofprofitorlossfortheyearended30SeptemberGoldSliverCostofGrossDistributionInvestment/Finance/ProfitbeforeetaxProfitfortheThefollowinginformationisAt1October20x1,theretainedearningsofSliverCowereAtthedateofacquisition,thefairvalueofSliverCo’sassetswereequaltotheircarryingamountswithexceptionoftwo Anitemofnthadafairvalueof$2.6maboveitscarryingamount.Theremaininglifeofthentatthedateofacquisitionwasthreeyears.Depreciationischargedtocostofsales.üSilverCohadacontigentliabilitywhichGoldCoestimatedtohaveafairvalueof$850,000.Thishaschangedasat30SeptemberüSliverhasnotincorporatedthesefairvaluechangesintoitsfinancialWorkingWorking2:Fairvalue

CrCrFairvalueofnetassetsatthedateofDrCostof 650—SliverDrFairDrFairvalueofnetassetsatthedateof CrContingent GoldCo’sistovaluethenon-controllinginterestatfairvalueatthedateofacqusition.Forthispurpose,SliverCo’ssharepriceatthatdatecanbedeemedtoberepresentativeofthefairvaluesofthesharesheldbythenon-controllinginterest.SalesfromGoldCotoSliverCointhepost-acquisitionperiodhadconsistentlybeen$600,000permonth.GoldComadeamark-uponcostof25%onthesesales.SliverCohad$1.2mofthesegoodsininventoryasat30SeptemberDrDrRevenueCrCostof5400—5400—DrDrCostofCr240—GoldGoldCo’sinvestmenteisadividendreceivedfromitsinvestmentina40%ownedassociatewhichithasheldseveralyears.Theassociatemadeaprofitof$3mfortheyearended30SeptemberWorkingWorking4:InvestmentinshouldbeDrCrDrCrInvestmentinDrInvestmentCrInvestmentDrDrCrInvestment800—GoldshareofAssociate’sDrDrShareofAssociate’sCrInvestmentin1200—GoldOn1October20x1,GoldCoissued100,000$1006%convertibleloannoteatparvalue,withinterestpayableannuallyinarrearsoverafive-yearterm.Theequivalentratefornon-convertibleloannotewas8%.GoldCohasrecorededtheloanasaliabilityatparvalueandchargedtheannual6%interesttofinancecosts.8%8%8%6%6%Annuityfactorfor5DiscountfactorinyearWorking5:6%convertibleloanDrDrCr6%convertibleloanCrOthercomponentofshouldactuallyDrDr6%convertibleloanCrOthercomponentof

DrDrCr6%convertibleloanLoannateatInterestexpenseInterestLoannoteyear1shouldDrInterestexpense736Cr6%Loan Dr6%LoannoteCr Cr6%loan Cr6%loan At30September20x2,noimpairmenttogoodwillisProfitsaccrueevenlythroughouttheyearunlessotherwiseüSharesexchange(90%x16,000x3/5xüDeferredconsideration(90%x16,000x$2·42üSharesexchange(90%x16,000x3/5xüDeferredconsideration(90%x16,000x$2·42x+FairvalueofNCIatthedateofacquisition(10%x16,000xFairvalueofsubsidiaryatthedateof Fairvalueofnetassetsofsubsidiaryat Equity Retainedearnings: Fairvalue ØContingentGoodwillatthedateofb.b.PreparetheconsolidatedstatementofprofitorlossforGoldCofortheyearended30SeptemberConsolidatedstatementofprofitorlossfortheyearended30SeptemberRevenue(103,360+(60,800x9/12)–5,400Costofsales(81,920+(41,600x9/12)–5,400(W3)+240(W3)+650GrossDistributioncosts(2,560+(2,980xAdministrativeexpenses(6,080+(3,740xShareofprofitfromassociate(3,000x40%)Financecosts(672+136(W5)+2,376Profitbeforeetaxexpense(4,480+(2,560xProfitfortheProfitattributableüOwnersoftheü Post-acquisitionprofitsofSliverCodepreciation Profitsattributableto adjusttherelevantextractsfromDoughCo’sfinancialstatementstoapplythesameaccountingpoliciesasCookCoandrecalculateDoughCo’sratiosprovidedinnote5;basedontheseadjustedaccountingratios,comparetheperformanceofthetwocompoanies.Youranswershouldcommentonthedifficultiesofmakingapurchasedecisionbasedsolelyontheextractsofthefinancialstatementsandtheinformationprovidedinnote1to5PastryCoisconsideringtheacquisitionofasubsidiaryinthecateringindustry(餐饮业TwocompanieshavebeenidentifiedaspotentialacquisitionsandextractsfromthefinancialstatementsofCookCoandDoughCohavebeenreproducedbelow:CookDoughCostofGrossOperatingFiannceProfitbeforeetaxProfitfortheCookDoughNon-currentEquitysharesof$1RetainedNon-currentLoanBothcompaniesareowner-managed.DoughCooperatesfromexpensivecitycentrepremises,sellingtolocalbusinessandthepublic.CookCoisalargewholesaler,sellingtochainsofcoffeeshops.CookCooperatesfromanumberoflow-costproductionfacilities.On1October20x6,DoughCorevalueditspropertiesforthefirsttime,resultinginagainof$30m.Thepropertieshadaremainingusefullifeof30yearsat1October20x6.DoughCodoesnotmakeatransfertherevaluationsurplusinrespectofexcessdepreciation.CookCousesthecostmodeltoaccountforitsproperties.DoughCoandCookCochargealldepreciationexpensestooperatingexpenses.IfIfDoughCoaccountedforpropertiesunderthecostRevaluationsurplusof$30,000shouldbeDepreciationexpenseshouldbereducedby$1,000($30,000/30years)fromoperatingexpenses$3,725),thenoperatingprofitsshouldbeadjustedto$4,225,andretainedearningsshouldbetoCarryingvalueofthepropertyshouldbeincreasedbyCookCochargestheamortisationofitsresearchanddevelopmenttocostsofsales,whereasDoughCothesamecoststooperatingexpenses.Thesecostsamountedto$1.2mforCookCoand$2.5mforDoughThenotestothefinancialstatementsshowthatCookCopaiditsdirectorstotalsalariesof$110,000DoughCopaiditsdirectorstotalsalariesofThefollowingratioshavebeencorrectlycalculatedinrespectofCookCoandDoughCofortheyearendedSeptemberCookDoughGrossprofitReturnoncapitalIfIfDoughCoaccountedforamortisationincostofsalesratherthanoperatingOperatingexpensesshouldbedecreasedbyCostofsalesshouldbeincreasedby$2,500,makinggrossprofitOperatingprofitwouldremainatThetableshouldbeusedtoanswerpartDoughAdjustement(ifAdjustedDoughCostofGrossOperating-1000-FiannceProfitbeforeetaxProfitfortheDoughAdjustement(ifAdjustedDoughNon-current-30,000Equitysharesof$1-0RetainedNon-currentLoanCookDoughCoDoughCoGrossprofitOperatingReturnoncapital4225/(4600IntroductionWhencomparingtheperformanceofGoldCoandCookCousedintheacquisitioninthecateringindustry,usingtrendysis,itisnecessarytoconsidertheeffectofanycircumstanceswhichmaycreateaninconsistencyinthecomparisons.ROCEisgenerallyconsideredtobetheprimaryprofitabilityratioasitshowshowwellabusiness解释Whenlookingatthereturnoncapitalemployed,theinitialcalculationsshowthatCookCoismakingamuchmoreimpressivereturnfromitslong-termfunding(18·8%comparedto8·3%).正常比较，分析ThisiscompleyreversedwhentherevaluationsurplusisremovedfromDoughCo’sfigures,DoughComakesareturnofalmosttwicethatofCookCo(18·8%and若存在重大事项，需排除重大事项再算一遍ROCE(如此案中的revaluationAnincreaseinROCEiseitherbecauseofimprovedprofitmarginsorbetteruseofassets.MoredetailedysisinROCEisrevealedbyconsiderationofthesecondaryprofitabilityratios:profitmarginandassetturnover.引入二级指标后续分析具体原GrossprofitCookComaybeaslightlylarger,havingmademoresalesandprofitsduringtheyear.Initially,itappearsthatDoughComakesasignificantlyhighermarginthanCookCo(48·8%comparedto32·3%),whichsuggeststhatitismuchmoreprofitabletosellasaretailerratherthan如果利润未调整，则零售商比批发商更赚However,thisismisleadingasthehighergrossprofitmarginislargelyduetotheaccountingofwhereamortisationischarged.Oncethefiguresareadjustedtomakethetwocompaniescomparable,thetwogrossprofitmarginsaremuchcloser(33·4%and32·3%).调整后的数据（摊销费用计入costofsales而非depreciationexpense）更能增Evenwiththisadjustment,DoughCostillmakesahighergrossprofitmargin,suggestingthatrelativelyhighcostpropertiesarestillproducingagood调整后grossprofitmargin仍然比较高，说明DoughCo具有良好的成本控OperatingprofitLookingattheoperatingprofitmargin,itappearsthatCookComakesasignificantlyhighermargin,suggestingagreatercostcontrol(23·3%comparedto19·8%).Oncetheadjustmentsforthedifferentaccountingpoliciesaretakenintoaccount,itcanbeseenthatthemarginsaremuchmorecomparable(23·3%and25·9%).调整前，CookCo的operatingprofitmargin稍高一点，表明费用控制良好。但是调整后，会计政策相同情况下，DoughCo情况会好一点Withoutfurtherinformationontheoperatingexpenses,itisdifficulttodrawtoomanyconclusionsaboutthecostmanagementofthetwocompanies.TheonethingwhichcanbenotedisthehigherpaymentofsalariesinDoughCocomparedtoCookCo.Asbothcompaniesareownermanaged,itmaybethatCookCo’smanagementaretakingalowerlevelof